FERMAT, a leading provider of risk and performance management solutions to the global banking industry, is pleased to announce a new customer in Abu Dhabi and the opening of a subsidiary and full service office for the Middle East region in Q1 2007.
Abu Dhabi Commercial Bank has selected Fermat for its requirements relating to Basle II Credit Risk and Regulatory Reporting to the UAE Central Bank. The bank will also implement Fermat ALM. ADCB is Fermat’s 45th Basle II customer in the last three years and joins a list of prestigious banks in 22 countries using Fermat’s products.
“Fermat is well positioned to help banks manage and measure their risk adjusted performance across many analysis dimensions in order to help decision makers throughout the organisation,” said Pascal Froux, CEO. “The building blocks to useful RAROC-type metrics are of course the availability of good risk capital and revenue data at transaction level. Fermat ALM and the Fermat CAD Basle II and Economic Capital risk engines provide key building blocks towards achieving a comprehensive view of bank-wide performance.”
The ADCB project will be Fermat’s fifth in the region, following successful implementations at Gulf International Bank and Arab Banking Corporation in Bahrain. GIB, a Fermat customer since 2003, has successfully implemented Fermat’s Capital Adequacy (Fermat CAD Basle 1) and Limits Management (Fermat GEM) products, whilst ABC selected Fermat in 2004 to replace a legacy Limits Management system and, after the successful implementation of Fermat GEM, is now at an advanced stage in the installation of Fermat CAD Basle II.
Pascal Froux added: “We are pleased that ADCB has chosen to work with Fermat for its risk management requirements. Fermat is currently investing in the Middle East region and this new signature is immediate evidence of our credibility for meeting the needs of local financial institutions. We hope that the other banks in Abu Dhabi, Dubai and elsewhere will follow ADCB’s example.”